The Ethereum Identify Service (ENS), the entity that controls the decentralized domains constructed on high of Ethereum, introduced it might pivot to a decentralized governance mannequin, opening the door to the formation of a DAO (decentralized autonomous group). The ENS is now calling for delegates to suggest their views to the group in an effort to be elected. The airdrop of the DAO tokens will open on November 8.
ENS Pivots to Decentralized Governance
The Ethereum Identify Service, the group behind the decentralized area service on Ethereum, introduced lately its intention of pivoting its governance mannequin to a decentralized autonomous group (DAO). The group is adopting a delegate mannequin that may permit people to current their proposals and different customers to delegate their tokens to assist them.
The ENS defined that whereas a lot of the core capabilities of the group function with out supervision, there are some points that also require devoted human interplay and oversight. Its principal issues lie within the multi-sig contract that governs the treasury, the longer term funds, and the registrar contract that manages the pricing mechanism of the domains.
The group considers that DAO options have matured, and that is why it selected this construction to deal with the present points in governance.
Structure and Airdrop
To represent a DAO, the members and customers of the organizations will obtain a part of the governance tokens based on their use of the platform providers. The airdrop of those tokens will occur on November 8, and every consumer will obtain a portion of the 25 million tokens allotted for this objective. One other 25% of those tokes will probably be delivered to the unique ENS group and collaborators in Discord, whereas the remaining 50% will probably be allotted to the DAO treasury.
One of many first acts of the ENS DAO will probably be to vote on a structure that proposes a sequence of tips with the aim of instructing delegates how the ENS ought to be ruled. The structure proposed is on the market right here, and establishes decentralization and integration as the principle targets of the group, stopping delegates from making use of proposals that might be in battle with these rules.
This airdrop has generated a variety of buzz in the neighborhood, which is now speculating about its worth and evaluating it to different related occasions. This isn’t the primary airdrop of this sort on Ethereum. Dydx, a decentralized alternate, airdropped tokes to its clients based mostly on the utilization that they had of the platform, with some customers claiming as much as $50K price of its native token.
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